I Squared Capital is considering selling a minority stake in Think Gas Distribution Pvt. that could value the Indian natural gas supplier at more than $1bn, according to people familiar with the matter.
The private equity firm is working with an adviser to sell as much as a 30% stake in Think Gas, said the people, who asked not to be identified as the information is private. The asset could attract investment funds and pension funds, the people said.
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Deliberations are at an early stage and I Squared could still decide against proceeding with a deal, the people said. Representative of I Squared and Think Gas didn’t immediately respond to requests for comment.
Established by I Squared in 2018, Think Gas operates across 13 districts in India and supplies natural gas to domestic, commercial, industrial and automotive sectors, according to its website. In 2021, I Squared invested about $200 million in Singapore-based AG&P City Gas, another city gas distributor in India that has 12 concessions in the country.
Source: BNN Bloomberg
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